Qualified Residential Rental Project (QRRP) Program
Designed to assist developers of multifamily rental housing units to acquire land and construct new units or purchase and rehabilitate existing units.
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If you have any questions about the Qualified Residential Rental Program, please contact CDLAC.
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The State of California is short 1.5 million affordable housing units. The Qualified Residential Rental Project Program helps spur affordable housing production by assisting developers of multifamily rental housing units with the acquisition and construction of new units, or the purchase and rehabilitation of existing units.
How does it work? State and local governmental agencies and other joint powers authorities can issue tax-exempt housing revenue bonds. The tax-exempt bonds lower the interest rate paid by developers. The developers in turn produce market rate and affordable rental housing for low and very low-income households by reducing rental rates to individuals and families. Projects that receive an award of bond authority have the right to apply for non-competitive 4% tax credits, administered by the California Tax Credit Allocation Committee.
Bond authority for rental projects is awarded according to the CDLAC Allocation System.
